Obama to Send Proposal to Congress, Says CNN; White House Denies

CNN’s Dana Bash and Tom Cohen today report that congressional leaders are saying President Obama will send another proposal to Congress tomorrow in an attempt to avert the Fiscal Cliff.

Obama has informed Senate Minority Leader Mitch McConnell of his intention, one Republican Senator tells the reporters. It is not clear what the exact contents of the proposal are, they write.

The Standard & Poors 500 Index is off 15.25, or 1%, at 1,404.58, recovering from its low of the day of 1,401.80.

Update: Bash and Cohen are back with an update this afternoon, writing that the White House has denied such an intention:

However, two White House officials, speaking on condition of anonymity, said the president was not sending a proposal to Congress.